The cost of renovations for the building the U.S. Consumer Financial Protection Bureau rents have more than doubled the original estimates. The work on the Washington building has had many delays as costs skyrocket. The original estimate was just under $100 million, with new estimates closer to $215 million.
The inspector general for the board of governors of the Federal Reserve has reviewed the project and reported that “approval of funding for the renovation was not in accordance with the agency’s current policies for major investment.” Some of the outlandish features of the building include a “glass staircase, concession kiosk, and water wall ending in a splash pool.” With costs rising, lawmakers are urging the CFPB to abandon the renovation and find a cost saving alternative.
Read more at The Daily Signal and DS News